Question: A company changed its inventory costing formula from specific identification to FIFO this year, and disclosed the reason and effect of the change on its

A company changed its inventory costing formula from specific identification to FIFO this year, and disclosed the reason and effect of the change on its financial statements. Which of the following is correct?

(1

point

)

timely is followed

unit of measure is violated

going concern is violated

comparable is followed

faithful is followed

Deferred Revenue is classified as a

(

) (1

point

)

contra asset

current asset

long term liability

current liability

expense

A company changed its inventory costing formula from specific identification to

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